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Nicandro Durante

Summary

Nicandro Durante (born 13 September 1956) is a Brazilian businessman who served as the chief executive officer (CEO) of British American Tobacco (BAT), the world's largest tobacco company by sales, from 2011 to 2019. In September 2022 he was appointed as temporary CEO of Reckitt Benckiser.

Nicandro Durante
Born (1956-09-13) 13 September 1956 (age 67)
São Paulo, Brazil
Alma materPontifícia Universidade Católica de São Paulo
OccupationBusinessman
Years active1977–present
TitleCEO, British American Tobacco
Term2011–2019
PredecessorPaul Adams
SuccessorJack Bowles
Children2

Early life edit

Durante was born in São Paulo, Brazil, to Italian parents.[1] He went on to earn a bachelor's degree in finance, economics and business administration from the Pontifícia Universidade Católica de São Paulo.

Career edit

Durante joined BAT's Brazilian subsidiary Souza Cruz in 1981. In January 2008, he was appointed BAT's chief operating officer (COO), and in March 2011 became the company's first non-British CEO. During his initial tenure as CEO, BAT's shares began to climb in value, and had doubled in price by 2016.[1] However, in 2018 BAT's share price collapsed, returning to levels last seen in 2011;[2] it appeared that Durante had misjudged the FDA's attitude towards menthol cigarettes, and that BAT had overpaid in the acquisition of the Reynolds American tobacco company minority interest in July 2017. At the time, this amounted to the largest foreign investment ever made in a US firm, costing $49 billion and "creating the world's biggest listed tobacco company".[3] In Dec 2023, the Reynolds American asset was impaired by BAT for $31m USD; concrete evidence of the over payment when Durante was at the helm of BAT.[4]

In 2015, Durante reportedly earned almost £8 million as CEO of BAT.[5] In 2016, he asked for his salary to be raised to £10 million, claiming that he deserved another £2 million.[5]

In late 2018, BAT announced that Durante would retire at the end of March 2019.[6] His retirement came at a highly controversial time in the firm's history.

In September 2022, it was announced that Durante had been appointed as temporary CEO of Reckitt Benckiser, the Anglo-Dutch multinational consumer goods company, after the unexpected resignation of former CEO Laxman Narasimhan.[7] Durante joined Reckitt's board of directors in 2013, and was its senior independent director prior to becoming CEO.[8]

Personal life edit

Durante enjoys smoking cigars, the opera, running and playing football and tennis. He also enjoys travelling and "fine Italian food".[9] He is married with two children.[1]

Notes edit

  1. ^ a b c Shubber, Kadhim (21 October 2016). "The cigar-smoking, football-playing Brazilian behind Reynolds bid". Financial Times. London. Retrieved 3 September 2022.
  2. ^ "5 Worst Performing FTSE companies 2018". MorningStar. Retrieved 31 December 2018.
  3. ^ Sandle, Paul (17 January 2017). "BAT agrees to buy Reynolds for $49 billion". Reuters. Toronto. Retrieved 3 September 2022.
  4. ^ https://www.fool.com/investing/2023/12/09/what-british-american-tobaccos-31-billion-mea-culp/?source=eptyholnk0000202
  5. ^ a b "BAT chief pay jumps". The Telegraph. 22 March 2016. Retrieved 19 October 2016.
  6. ^ "The running man of Big Tobacco". Financial Times. 30 September 2012. Retrieved 15 November 2012.
  7. ^ "Laxman Narasimhan steps down as CEO". Reckitt. Reckitt Benckiser Group. 1 September 2022. Retrieved 3 September 2022.
  8. ^ "Nicandro Durante". Reckitt. Reckitt Benckiser Group. Retrieved 3 September 2022.
  9. ^ "Business big shot: Nicandro Durante". The Times. London. 25 June 2010. Retrieved 8 September 2022.